NAMA publishes details of property repossessions in Northern Ireland

NAMA publishes details of property repossessions in Northern Ireland

The National Asset Management Agency has published details of more properties it has repossessed in Northern Ireland.

Many of the repossessions were already known about, including the freeholds to several prominent Belfast pubs. Other properties on the list belonged to the Dungannon-based Jermon group. It collapsed earlier this year leaving its banks with a £100m shortfall.

Also on the list are a large number of properties in Fermanagh which belonged to the GP Williams house building firm. It was placed into administration in October owing NAMA about £30m.

Other properties on the list, in Ballymena and Bellaghy, were owned by Carn Properties.

That firm, which was controlled by the former Derry GAA chairman Seamus McCloy, was placed into receivership earlier this month. One of the firm’s sites in Donegal is also on the list.

In all, the new list has 57 properties in Northern Ireland: 11 are in Belfast, seven in County Antrim, 11 in County Down, 15 in Fermanagh, three in Derry and 10 in Tyrone.

Among the most prominent properties on the list are the Linen Green Centre near Dungannon and the Killymeal House office block in Belfast’s Gasworks. Both were owned by Jermon.

NAMA has taken control of virtually all land and development loans which were advanced by the Dublin-based banks. In Northern Ireland it has taken control of over £3.5bn of property loans.

In some cases it has taken “enforcement action” on these loans by placing the related properties into receivership.

Loans which have been taken over by NAMA, but which have not been subject to enforcement action, remain confidential although some details are emerging in the accounts of property firms.

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